“There are a lot of homes on quite decent land for what we believe is a good price.”

Mr Pugliese said buyers were prepared to compromise being a little further out from the city to have larger homes.

His agency recently sold a 16-year-old, 420sq m home at 169 Normanby Drive before auction for $612,500.

It was expected to achieve a price in the mid to high $500,000s.

In comparison, a six-year-old, four-bedroom home at 4 Galloway Court, Greenvale, sold at auction for $620,000.

The property had modern features on a 350sq m floorplan.

He said estates popping up along Mickleham Rd were also steering the Greenvale market and building on the interest in the suburb.

Mr Biner agreed, saying volume builders were offering house-and-land deals at the newer estates for between $400,000 and $550,000, which could cause established house prices to stabilise as competition intensified.

News.com.au's Privacy Policy includes important information about our collection, use and disclosure of your personal information (including to provide you with targeted content and advertising based on your online activities). It explains that if you do not provide us with information we have requested from you, we may not be able to provide you with the goods and services you require. It also explains how you can access or seek correction of your personal information, how you can complain about a breach of the Australian Privacy Principles and how we will deal with a complaint of that nature.